Top 10 Wealthy Federal Electorate and Bottom 10 Electorates - a very brief glimpse at the Australian experience of inequality

 

TOP 10 HOUSE OF REPRESENTATIVES ELECTORATES RANKED BY ORDER OF WEALTH IN 2020*

Wentworth (NSW) – Liberal – Dave Sharna since 2019 (general election) – No 1 electorate

Warringah (NSW) – Independent – Zali Steggall since 2019 (general election) – No 2 electorate

Bradfield (NSW) – Liberal – Paul Fletcher since 2009 (by-election) – No 3 electorate

North Sydney (NSW) – Liberal – Trent Zimmerman since 2015 (by-election) – No 4 electorate

Mackellar (NSW) – Liberal – Jason Falinski since 2016 (general election) – No 5

Cook (NSW) – Liberal – Scott Morrison since 2007 (general election) – No 6

Goldstein (Vic) – Liberal – Tim Wilson since 2016 (general election) – No 7

Higgins (Vic) – Liberal – Katie Allen since 2019 (general election) – No 8

Curtin (WA) – Liberal – Celia Hammond since 2019 (general election) – No 9

Kooyong (Vic) – Liberal – Josh Frydenberg since 2019 (general election) – No 10.

Four Liberal electorates in this group contain sitting members in the office of Prime Minister, Treasurer, Minister for Communications, Urban Infrastructure, Cities and the Arts and, Assistant Minister to the Minister for Industry, Energy and Emissions Reduction.

Within this group of wealthy electorates only est. 6.48% of all households were living below the poverty line. 

It should come as no surprise that in 10 electorates with the lowest wealth rankings:

5 were Labor electorates – Spence (SA), Brand (WA), Burt (WA), Blair (Qld), Chifley (NSW); and

5 were LNP/Nationals electorates – Herbert (Qld), Flynn (Qld), Forde (Qld), Longman (Qld), Capricornia (Qld).

Across these five Labor electorates est.13.38% of all households were living below the poverty line**, while across the other five LNP/Nationals electorates est.12.18% of all households were living below the poverty line.

The two NSW Northern Rivers federal electorates ranked 25th (Richmond –  Labor since 2004) and 112th (Page – Nationals since 2013 general election) for average wealth per capita. With Richmond having 14% of all households living below the poverty line and Page having 16.4% of households.

NOTE: 

* Order of wealth is calculated by average per capita wealth in an electorate as set out in Roy Morgan Wealth Report, 1 May 2020.

** RMIT ABC Fact Check, "Federal electorates ranked by percentage of households below the poverty line", 24 October 2019.

Cartoons of the Week

Peter Broelman

David Rowe

Cathy Wilcox

 

So what do you know about the people behind management of the Morrison Government's punitive Cashless Debit Card? Perhaps it's time to meet Indue Limited's board of directors & their industry partners

 

IMAGE: news.com.au, 30.01.2019

Just as night follows day, if Scott John Morrison and the Liberal-Nationals Coalition win the federal government election, by the last quarter of 2022 he will announce all government cash transfers to citizens will in future come via the highly restrictive and punitive cashless debit card scheme.

So who has been milking the cash cow as they constructed the mechanism for Morrison's dream of a frightened, deprived and suppressed working class he could strut before?

Well that an easy question to answer - just hit this link 

https://www2.indue.com.au/wp-content/uploads/2021/10/J0982-Indue-Annual-Report-2021_WEB.pdf  and scroll down to pages 14-15 to see their six self-satisfied faces along with a brief bio.

A bit of background......

Sometime in early 2016 the Australian Government through its agency the Dept. of Social Services entered into a contract with Indue Limited, currently valued at $70,340,628.60 (original value: $7,859,509). This contract period now extends from 26-Feb-2016 to 31-Dec-2022.

Indue Limited documents clearly state that its investors-shareholders are “the owners of the company” and that those who contract the company’s services are its “clients” or “customers”.

In relation to the cashless debit card scheme it administers, it appears that the relatively large class of mandatory users of this card during this extended trial period & the somewhat smaller number of voluntary users are simply end product consumers.

How Indue Limited sees itself:……..

Indue Limited ABN 97 087 822 464 (“Indue”) is a bank and Authorised Deposit-Taking Institution (“ADI”) that is regulated by the Australian Prudential Regulation Authority. Indue is owned by financial institutions, each of which is also an ADI. Indue provides transaction processing and settlement services to credit unions, building societies, church funds, mortgage originators, commercial clients and the Australian government. Many clients would be too small individually to be able to provide a competitive alternative financial services offering without Indue.

Indue has over 40 years’ experience in the payments industry and as a financial product issuer since 1992. Indue is a principal member of Visa, MasterCard and eftpos, and holds an Australian Financial Services Licence (AFSL). It is also a reporting entity pursuant to the Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) legislation. [Submission to the Australian Treasury. 7 September 2018, excerpt]

Indue Limited has 7 major partners which includes it being a principal member of Visa licensed to issue all Visa card products including credit, debit, prepaid, commercial and premium cards; ia member of eftpos and licensed to issue eftpos card products. These cards may be used in ATMs and eftpos terminals throughout the domestic Australian eftpos network; and, ia member of BPAY allowing us to offer both payer and biller facilities to clients.

2019-20

Indue’s vision is to be the leading partner of payment solutions to our customers. Indue’s mission is to drive competitive advantage for our customers by helping people pay….

Wholly owned Group

The Company does not have significant restrictions on its ability to access or use its assets and settle its liabilities other than those resulting from the supervisory frameworks within which Authorised Deposit-taking Institutions operate.

Transactions with related parties are conducted on an arm’s length basis….

Against this backdrop [global COVID-19 pandemic] Indue delivered a before tax profit of $3.127 million, a solid result given the prevailing headwinds…..

Events Subsequent to Balance Date

At the date of approving these financial statements, the Directors are of the view the effects of COVID-19 do not change the significant estimates, judgements and assumptions in the preparation of the financial statement…..

Likely Developments

Information on likely developments in the operations of the Company and the expected results of operations have not been included in this annual financial report because the Directors believe it would be likely to result in unreasonable prejudice to the Company. [NOTE: Likely relying on s299A(3) of the Corporations Act 2001 in order to conceal expected future progression of the federal government cashless debit card scheme]

[Indue Limited, Annual Report 2019-2020]

2020-21

It is pleasing to report a lift in profit, despite the ongoing influence of the COVID-19 pandemic. ….

A more positive outlook has contributed to our improved performance, with a Profit Before Tax (PBT) result of $3.6 million, an increase of 24% over the previous year….

An operating profit after tax of $2.583 million (2020: $2.091 million) was achieved this year….

Indue’s capital position remains sound. Our Tier 1 ratio rose to 15.5% at the end of FY21, an increase of 35 basis points on last year.

In relation to dividends, we have a good record of rewarding owners for providing investment capital. With an improved economic outlook and stronger financial performance, we are pleased to be able to declare a fully franked dividend of $7.50 per share for FY22….

After nearly 50 years, our partnership with Westpac is coming to an end in 2022. We are moving to become a Tier 1 provider for Direct Entry services, which is well-aligned to our strategy. We look forward to continuing to support our clients in this important payment channel.

Our core focus continues to be delivering sustainable value for our clients and shareholders….

We will continue to support our clients, so they can focus on growing their businesses – while we navigate the changed world of payments on their behalf….

The constitution of the Company provides for two Groups of Directors, both elected in accordance with the constitution. Group One Directors, referred to as ‘Industry Directors’, must be officers, employees or associates of a member. Group Two Directors, referred to as ‘Independent Directors’ must not be officers, employees or associates of a member. Industry Directors are not remunerated by the Company. Independent Directors are remunerated by the Company, with shareholders determining the maximum annual aggregate amount of remuneration that may be provided to them ….

The following persons were Directors of Indue Ltd during the financial year:

Chair – Non executive [Independent]

F[rank] Gullone (appointed 28 August 2020)

R Burns (resigned 27 November 2020)

Non executive Directors [Independent]

S Collier (resigned 27 November 2020)

M[ichael Francis] Currie

P[eter Robert] Townsend

P[eter Hooper] Wright

A[nthony] De Fazio

S[usan] Rix (appointed 8 January 2021) [my yellow highlighting]

A Cheadle (appointed 8 January 2021, resigned 27 May 2021)....

The Company’s Authorised Share Capital is $17.265 million. All issued shares [total of 126,182] are fully paid ….

In August 2021 Indue entered into a share buyback arrangement for a small number of issued shares….

Total Contributed Equity, Reserves, Retained Earnings, Balance at 30 June 2021 = $58,650,000 ” …..

Government grants

Government grants, including JobKeeper, are recognised when there is a reasonable assurance that the Company will comply with the conditions attached to the grant, and the grant will be received.

The Company became eligible for JobKeeper in June 2020 after meeting the specific obligations, and remained eligible until September 2020. All expected grant payments were received by October 2020…...

[Indue Limited, Annual Report 2020-2021, excerpts]

The Guardian, 4 November 2021:

*The company contracted by the federal government to run the controversial cashless debit card claimed $2m in jobkeeper payments before increasing its revenues during the pandemic.

Payments firm Indue, which was handed a $26m, two-year extension to its contract to keep running the scheme late last year, received about $2.1m in jobkeeper wage subsidies in total. That comprised $632,700 in June 2020 and $1.49m between July and September 2020, according to its annual report.

The company’s revenue increased in 2019-20 and 2020-21, leading to profit of $2.1m and $2.5m, the report shows.

Under the jobkeeper program, businesses were required to estimate whether their turnover would decrease by 30-50% when compared to the previous year, depending on their size. There is no suggestion Indue did not qualify for the payments under the rules of the scheme.

Controversially, the government elected not to include a clawback provision to recoup money from those companies that outperformed expectations…..

https://www.scribd.com/document/538531113/INDUE-LIMITED-Current-Historical-Company-Extract

COVID-19 Delta Variant Outbreak Northern NSW: in answer to a sense of frustration felt by some

A few locals have wondered aloud why there is so little in the mainstream media concerning the Delta Variant Outbreak in Northern NSW. One or two have said ‘It’s almost as if we’ve been forgotten’ or words to that effect.

There is no clear explanation for the one-moment-hot-one moment-cold approach taken towards this particular parcel of regional New South Wales.

Though I rather suspect media are not being overly encouraged to look at the wider regional picture.

Because this wider picture shows that until the NSW Government began to ramp up the push to ‘live with COVID’, began to elaborate on the ‘freedom’ it was going to give the Greater Sydney area and played about with public health orders so that, perhaps accidentally, it increased population mobility at a time when this carried risk, there were still rural and regional local government areas such as 6 of the 7 in Northern NSW which had not ever experienced residents in their own communities becoming infected with either the original SARS-CoV-2 virus or the more infectious Delta Variant whilst going about their daily lives.

Focusing on just this one region for even a short period might make other rural and regional areas across NSW and, their local government areas, consider exactly what did an overly compliant state government forcefully impose on them to keep Greater Sydney and industry quiet in the lead up to a federal election.

OVERVIEW

There are seven local government areas in north-east NSW and like a number of other coastal zone councils they all recorded cases of COVID-19 by March 2020.

Byron Bay recorded its first contacts with COVID-19 from 14 March 2020 through to 8 April 2020 – all 16 cases were overseas sourced infections with no community transmission in the local government area. However, on 25 July 2021 the first 2 confirmed locally acquired cases were recorded – just 39 days after the Delta Variant began in Sydney.

COVID-19 entered Tweed Shire on the NSW-Qld border on or about 18 March 2020, when both a confirmed interstate-sourced case & a locally acquired case with no links to a know infection were recorded. From then until April 2021 a further 16 COVID-19 cases were recorded as overseas sourced and there was no apparent community transmission. Tweed’s first locally acquired case that was clearly linked to community transmission was recorded on 30 September 2021 - just under 4 months after the Delta Variant Outbreak began in Sydney.

Clarence Valley recorded its first confirmed COVID-19 cases began on 20 March 2020. However, all these 8 cases were from overseas and did not infect local communities. From 29 March 2020 until 4 October 2021 there had been no confirmed COVID-19 cases recorded in the valley. Its first confirmed locally acquired cases were recorded on 5 October 2021 – just under 4 months after the Delta Variant Outbreak began in Sydney.

Ballina recorded its first COVID-19 case on 22 March 2020. The next day saw its first locally acquired COVID-19 infection, followed by another 12 confirmed COVID-19 cases over the next 15 months, of which only 2 were locally acquired. On 1 July 2021 an overseas sources COVID-19 case was recorded in Ballina, but it wasn’t until about three months later on 6 October 2021 that locally acquired COVID-19 cases began to occur in a distinct community transmission pattern – just under 4 months after the Delta Variant Outbreak began in Sydney.

Lismore City recorded its first confirmed case of COVID-19 on 23 March 2020 and it was an overseas sourced infection with the next 5 cases up to 15 July 2020 being 5 overseas sources & 1 interstate sourced infection. Up to that point there was no community transmission in the local government area. It remained that way for the next 7 months. Then on 15 September 2021 the very first confirmed case of locally acquired COVID-19 was recorded – 15 months after the Delta Variant Outbreak began in Sydney.

Richmond Valley was first introduced to COVID-19 on 31 March 2020 when an overseas sourced COVID-19 case was recorded. A second overseas sourced COVID-19 case was recorded on 28 April 2020. Then the virus disappeared from view. It wasn’t until 28 September 2021 that the first confirmed locally acquired COVID-19 case was recorded in the local government area – a little over 3 months after the Delta Variant Outbreak began in Sydney.

The notable exception to all this was little Kyogle. It had no overseas, interstate or from elsewhere in NSW, COVID-19 cases recorded in the local government area at all – never ever – and up to 27 October 2021 still doesn’t. Its first confirmed locally acquired case was recorded on 28 September 2021 – over 21 months after SARS-CoV-2 first entered Australia and over 4 months after the Delta Variant Outbreak began in Sydney.

NOTE: As data is regularly reviewed, NSW Health from time to time removes or otherwise alters its COVID-19 notification records. The numbers and dates cited in this post were accurate up to 26 October 2021.

BACKGROUND

According to NSW Health in the week ending 25 October 2021 there were 2,207 new locally acquired cases of COVID-19 and 4,141 active cases.

In that time period every single local health district contained confirmed COVID-19 cases and virus fragments were found in 109 sewerage treatment plants.

As at 26 October 2021 51 NSW hospitals had 321 inpatient cases of COVID-19 & 21 of these hospitals also had COVID-19 patients in intensive care units. There was also an additional 2,361 infected people being treated outside of a hospital setting.

As of 8pm on Tuesday, 26 October 2021 there have been 122 confirmed cases of locally acquired COVID-19 infection in the Northern NSW Local Health District (NNSWLHD) since on or about 13 September 2021 when the SARS-CoV-2 Delta Variant first entered north-east New South Wales from the Greater Sydney area.

As yet the infection numbers are relatively low.

The confirmed cases location breakdown in Northern NSW between 13 September & 26 October 2021 appears to be:

Tweed Shire - 6 cases + 1 infection contracted elsewhere in NSW

Byron Bay - 7 cases

Ballina - 11 cases

Kyogle - 16 cases

Richmond Valley - 20 cases

Lismore City - 25 cases

Clarence Valley - 36 cases.

Team Morrison and The Voter in 2021

 

The Shot, 21 September 2021:

Great Scott: the grand narrative of Scott Morrison

...On one end of the scale, we have the people who believe the entire charade of politics is made up and if it’s not made up then the “mainstreameeja” must all be in on it with them, sort of like fake moon landers but without the flags. On the other end are the people who let information flow over them like a long shower, obliviously taking it all in, the type who truly believe Scott Morrison once saved a lady from near death on a Sydney beach because 2GB said so…..

What Team Morrison want you to think over and above anything else, above the policy and the pressers and the talk of Oh-My-God nuclear submarines and the twitter chatter, what they want you to think when you think of Scott Morrison, when you talk to your friends in the supermarket checkout or swap the goss in your Facebook groups, when you go to vote, they want you to think that Scott Morrison is a strong leader, a hero of our times. They want you to feel it and know it deep to your bones.

They want you to think that Scott Morrison is our own powerful leader, the one that will lead Australia out of this mess, and they want that image embedded deep down into your subconscious, without any annoying detail to bother you or meddle with your own private photo album.

How they do that is by casting a vast, barely tangible net up into the sky, a grand narrative net, one that says: “Scott Morrison is strong. Scott Morrison is a hero. Scott Morrison will save you.”

The way they keep that imagery afloat is by pumping it full of air and reinforcing it all the time, constantly, every day of every week of every month in every way. Scott is strong. Scott is our hero. Scott will lead us all to safety.

Think of Scott Morrison holding up a plane in Kabul to save a woman and her baby. Or at least that’s what the Daily Telegraph told us. I’m going to ignore the dry retching noises coming from the audience, you ungrateful cynics. What’s that? It didn’t happen? Of course, it didn’t happen.

Sometimes, the truth has nothing to do with pumping the net up. Sometimes it does. As De Niro snaps in Wag The Dog,“What difference does it make if it’s true?” If you learn anything from our imaginary TED Talk, learn that reality, like detail, has no real place in the political grand narrative…...

The Sydney Morning Herald, 23 September 2021:

Scott Morrison’s momentous national security announcement last week should have been a turning point for him and the government. Instead, because he delayed making one tough call, leaving himself open to accusations of backstabbing and deception from a great friend and ally, he robbed himself of a much-needed reset.

A few days later he again squibbed what should have been a straightforward decision involving a senior colleague, on a matter which goes to the heart of transparency and probity.

The way Scott Morrison dealt with the French, and Christian Porter, says much about his management style.CREDIT:DIONNE GAIN

Both were about trust. Both provided insights into the most troubling aspects of Morrison’s character and management style. Both have left a very bad smell.

The first was the big-bang unveiling of the new Anglospheric alliance – upending decades of diplomatic endeavours in Asia – which included the planned acquisition of nuclear submarines from the US or the UK.

By waiting until the night before the announcement to advise President Emmanuel Macron (Morrison’s office refuses to answer when asked if they actually spoke) he was torpedoing the $90-billion contract with France for conventional submarines, he guaranteed they went nuclear.

The second sounded like a transmission from a parallel universe. Morrison presented Christian Porter’s resignation from Cabinet as industry minister after refusing to disclose names of anonymous donors as the action of a man upholding standards.

At the end of March, Morrison could have, should have, relegated Porter to the backbench until his personal problems were resolved, rather than try to maintain the fiction the issue was fixed by his removal as attorney-general.

The fiction was compounded after Porter released his updated register of interests, then said he could not name donors to a blind trust helping pay the costs of his defamation suit against the ABC and journalist Louise Milligan over the airing of historic rape allegations, which Porter vehemently denied.

Desperate to get some clear air for his major strategic announcement, soon befouled by the French, Morrison had tried to buy time by asking his department head, Phil Gaetjens, to advise on the bleeding obvious – whether Porter had conformed with the ministerial code of conduct.

Then on Sunday afternoon, without waiting for Gaetjens, Morrison hastily called a press conference to announce Porter had upheld those standards by opting to resign from the ministry.

He could have, should have, said Porter’s actions did not conform to the high standards expected of a member of his government and sacked him. But he didn’t. He also said Porter had disclosed the amount he had received. He hadn’t.

Incredibly, when asked whether Porter should remain in Parliament while in receipt of the money (given the disclosure rules which apply to all parliamentarians, requiring them to fess up to everything including freebie footy tickets), Morrison protested that had nothing to do with him because he was no longer Porter’s boss.

Of course. He is only the Prime Minister, the leader of the government and the leader of the Liberal Party…..

The Australian, Newspoll, 19 September 2021: